Crypto's $2M Michigan bet goes down harder than Thanedar's Q2 portfolio 📉

Michigan State Representative Donavan McKinney has ousted two-term incumbent Representative Shri Thanedar in the Democratic primary for Michigan's 13th Congressional District, winning 51.9% of the vote to Thanedar's 48.1% as of Wednesday, according to the New York Times. The race drew national attention because of more than $2 million in media spending by Protect Progress, a super PAC affiliated with Fairshake and backed primarily by Coinbase and Ripple, in support of Thanedar's re-election.

McKinney framed the outside spending as an industry payback, accusing crypto of "paying my opponent back for helping Trump make over $1 billion since taking office." The remark appeared to reference Thanedar's House voting record, which includes support for the GENIUS Act and the CLARITY Act. In his Wednesday post on X, McKinney said, "Washington has spent too long serving billionaires and corporate interests. I will always only serve the people I represent." The winner has already drawn endorsements from the Democratic National Committee and the Democratic Socialists of America.

Thanedar's own finances compounded the optics of the race. Reports indicate he invested $3.7 million of campaign funds into crypto companies and lost more than $600,000 in the second quarter of 2026. Protect Progress is part of the Fairshake network, which spent more than $170 million during the 2024 U.S. election cycle on contests involving pro- and anti-crypto candidates and has continued funding primary races in multiple states ahead of the November general election.

McKinney will face Republican Taras Nykoriak in the November general election. Cointelegraph sought comment from McKinney's campaign on Wednesday but did not receive an immediate response.

In a separate contest, Fairshake affiliate Defend American Jobs spent more than $65,000 on media supporting Republican Amanda McKinney, who is not related to the Michigan candidate, in Washington's 4th Congressional District primary. Amanda McKinney and Democrat John Duresky each secured more than 30% of the vote on Tuesday to advance to November.